GBPUSD tests the high from October (and life above 1.3000) but stalls
The 1.3012 is the October swing high
The GBPUSD has moved up to test the October high at 1.3012 (see daily chart below) but is running into that resistance level (risk can be defined and limited against the level). At the same time traders are grappling with the 1.3000 natural level. The high price has reached up to 1.30087 on my chart. We are currently trading below the 1.300 level at 1.2993.
Looking at the hourly chart below, the price rise today was able to extend above the 1.2969-716 swing high area and stay above. That was a bullish catalyst. Breaking above the high price from November 18 at 1.29843 was also a more bullish development.
Traders will be watching those levels for bias close in trading today. Stay above would be more bullish. Move below and there may be some disappointment especially after extending above the 1.3000 level (and failiing).